The claim is true. More generally the Hölder inequality holds for the Schatten $p$-norms. The statement is here without proofhere without proof in Wikipedia, and by induction it implies that for matrices $X_1,\dotsc, X_K$ and $p_1,\dotsc,p_K \in [1,\infty]$ with $\sum_i 1/p_i=1$, $$ \lvert\operatorname{Tr}(X_1\dotsm X_K)\rvert \leq \prod \lVert X_i\rVert_{p_i}.$$ In your setting, take $K=2N$, $X_{2k} = p^{a_k}$, $X_{2k-1} = A_k$, $p_{2k} = 1/a_k$ and $p_{2k-1} = \infty$.
I guess that all this is clearly explained (and with no mistake?) in Barry Simon's book Trace ideals and their applications.